Banque de France today officially inaugurated its Asia-Pacific Representative Office in Singapore, which opened in 2020.
Monetary Authority of Singapore and People’s Bank of China Further Renew Bilateral Currency Swap Arrangement
Singapore, 14 July 2022…The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC) today announced the renewal of the Bilateral Currency Swap Arrangement (BCSA) for a further term of five years, until 2027.
2 The BCSA has been a key pillar of co-operation between MAS and PBC since 2010 and helps to strengthen regional economic resilience and financial stability. Under the arrangement, MAS and PBC can access liquidity in each other’s currencies to support the financing of trade and investment, and to stabilise financial markets. Up to CNY300 billion in Chinese Yuan liquidity and SGD65 billion in Singapore Dollar liquidity will be available to financial institutions operating in Singapore
3 The BCSA renewal was signed by MAS Managing Director Ravi Menon and PBC Governor Yi Gang and was effective from 13 July 2022.